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NYSE Member Firms Report Third-Quarter 2008 Results

NEW YORK, December 23, 2008 -- New York Stock Exchange member firms that conduct business with the public reported a third-quarter 2008 after-tax loss of $6.95 billion and revenues of $44.13 billion, compared with $2.49 billion in after-tax losses on revenues of $78.79 billion in third quarter 2007. Comparative financial results are reported in the table below:

Member Firms Dealing with the Public ($ in millions):

3rd QTR
2008

3rd QTR
2007

2nd QTR
2008

Y-T-D
2008

Y-T-D
2007

Revenues

$44,125

$78,792

$61,010

$154,553

$263,867

Expenses

$54,814

$82,620

$59,366

$185,982

$258,801

After-Tax Profit/Loss

($6,948)

($2,488)

$1,069

($20,429)

$3,293

After-Tax Annualized
Return on Capital

-10.9%

-4.1%

1.7%

-10.8%

1.9%

Assets

$5,453,573

$5,650,068

$5,156,463

$5,453,573

$5,650,068

Capital & Subordinations

$254,767

$249,023

$257,239

$254,767

$249,023

Commission Revenues

$7,600

$7,163

$7,029

$22,475

$21,234

Number of Firms Reporting

195

196

192

205

205

Number of Profitable Firms

117

141

127

120

147

Aggregate Pre-Tax Earnings
of Profitable Firms

$2,759

$4,481

$6,202

$11,000

$14,490

Number of Unprofitable Firms

78

55

65

85

58

Aggregate Pre-Tax Loss
of Unprofitable Firms

($13,448)

($8,309)

($4,558)

($42,429)

($9,424)

Note: Data is from NYSE member firms that conduct business with the public. Revenues include firms that trade primarily for their own account, but excludes designated market makers (formerly known as specialists). All firms are registered broker-dealers with the SEC. Revenues are predominantly derived from investment banking, trading, commissions, and interest.

Since the NYSE member firm community is composed of corporations and partnerships, after-tax earnings are presented on a pro-forma basis that assumes a corporate tax rate of 35 percent.